IEA agrees to record 400 million-barrel oil release as crude stays above $100

The International Energy Agency unanimously approved a record 400 million barrel coordinated oil release — more than double the 182 million barrels released after Russia invaded Ukraine in 2022 — as the Iran war blocked the Strait of Hormuz and pushed Brent crude above $100. The United States pledged 172 million barrels from the Strategic Petroleum Reserve, requiring 120 days to deliver. Despite the announcement, oil prices remained above $100 as traders judged the release insufficient to replace Hormuz volumes of 20 million barrels per day.